RANGE RESOURCES LTD: Trinidad Update

10 June 2013 
The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000 
TRINIDAD UPDATE 
Range Resources Limited ("Range" or "the Company") is pleased to
provide the following update on its Trinidad operations, with the following
highlights: 
- The QUN 142 well successfully reached target depth of 1,255 ft.
  and is currently producing 75 bopd; 
- The Upper Cruse zone in the QUN 135 well has been successfully perforated 
  and will be put into production this week, after 72 hour flow test
  rates of up to 150 bopd. Middle Cruse zone will form part of larger
  development; 
- Three production rigs have been placed into operation and have completed 
  remedial work on 14 wells, which has added an estimated 95 bopd to
  current production; 
- The QUN 141 has been successfully completed and as previously announced, 
  the logs indicated 160 ft. of gross oil pay, one of the thickest
  Lower Forest pay sections to be encountered to date. The well has been
  perforated and production is anticipated at between 75-100 bopd; 
- Further production of 60 bopd is expected to be added this week through 
  the planned work over of another 15 wells, followed by an estimated
  additional 90 bopd through the QUN 16 well re-entry and optimization of the
  QUN 120 & 128 wells over the coming weeks; 
- The QUN 143 and 144 wells spudded and are both drilling ahead with a target 
  depth of 1000 ft. The wells are anticipated to perform at similar initial 
  production rates of neighbouring Lower Forest wells between
  50-75 bopd; 
- MD 248 well drilled to 5,780 ft. encountering multiple high
  pressure oil and gas pays, and oil across the shakers; and 
- Production activities summarised above are expected to result in field 
  production getting over 1,200 bopd with renewed momentum as Range
  continues with the implementation of its improved maintenance programmes and
  drilling inventory. 
Lower Forest Development Drilling 
The Lower Forest development continues to gain momentum with Rig 5
recently completing the QUN 142 well. The well has been put onto production
and is currently flowing at 75 bopd. 
The drilling of QUN 141 well has been successfully completed and as
previously announced, e-logs indicated 160 ft. of gross oil pay, one of the
thickest Lower Forest pay sections encountered to date. The well has been
perforated with production commencing this week, which is anticipated to be in
the vicinity of 75-100 bopd. 
The Company has also successfully spudded wells QUN 143 and 144
using Rigs 5 and 1, respectively. Both wells will be drilled to their target
depth of 1,000 ft. and are expected to perform at similar initial production
rates of neighbouring Lower Forest wells between 50-75 bopd. 
Three production rigs have been placed into operation in the last
two weeks and have completed remedial work on 14 wells, which has added
approximately 95 bopd of production. A further 15 wells are planned to be
worked over this week, adding an estimated 60 bopd. 
In the course of the coming weeks, the company will be performing
optimization work on the QUN 120 & 128 wells, as well as QUN 16 well re-entry,
which previously produced up to 145 bopd over a one week test. The QUN 16 well
was drilled and tested in 1942 and logged thick oil sands that correlate with
the Lower Forest reservoirs being developed by the Company approximately ½
mile to the west. Re-activation of the QUN 16 well will be performed using one
of the Company's production rigs. This will add new reserves and production,
while further extending the Lower Forest trend to the east of the QUN 16 well
and establishing a large area for low-risk infill drilling between the well
and the current Lower Forest development. 
Middle Cruse Formation Drilling 
The Company has successfully perforated the Upper Cruse section of
the QUN 135 well with tubing run and the well is currently being swabbed. The
company expects to put the well into production this week with flow tests of
up to 150 bopd. The Company is extremely encouraged by the results in the
Upper Cruse zone of the QUN 135 well. Given timing and cost considerations, it
was considered prudent to put the Upper Cruse zone on production and commence
with drilling an adjacent well, which will target the same Middle Cruse
structure from a nearby location and will have a similar profile to the QUN
135 well. Further details on the planned well will be provided with the
Company's next updates. 
Lower Cruse Formation Drilling 
The MD 248 well has been drilled to 5780 ft., encountering multiple
high pressure oil and gas pays, which indicate the presence of productive oil
sands, as well as multiple oil shows across the shakers. Shortly after
encountering these hydrocarbon shows, challenging downhole conditions were
encountered which resulted in Rig 8 having to undergo temporary maintenance
work before continuing drilling to ensure the successful completion of the
well. 
Yours faithfully 
Peter Landau
Executive Director 
Contacts 
Range Resources Limited                 PPR (Australia)
Peter Landau                            David Tasker
T: +61 (8) 9488 5220                    T: +61 (8) 9388 0944
E: plandau@rangeresources.com.au        E: david.tasker@ppr.com.au 
RFC Ambrian Limited (Nominated Advisor) Old Park Lane Capital (Joint Broker)
Stuart Laing                            Michael Parnes
T: +61 (8) 9480 2500                    T: +44 (0) 207 493 8188 
Fox-Davies Capital Limited (Joint       GMP Securities Europe LLP (Joint
Broker)                                 Broker)
Daniel Fox-Davies / Richard Hail        James Pope
T: +44 (0) 203 463 5000                 T: +44 (0) 207 647 2800 
Dahlman Rose & Company (Principal American Liaison)
OTCQX International Market (U.S.)
Christopher Weekes / Stephen Nash
T: +1 (212)-372-5766 
Range Background 
Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil & gas
exploration company with oil & gas interests in the frontier state of
Puntland, Somalia, the Republic of Georgia, Texas, USA, Trinidad and Colombia. 
- In TrinidadRange holds a 100% interest in holding companies with three
  onshore production licenses and fully operational drilling subsidiary.
  Independently assessed Proved (P1) reserves in place of 17.5 MMBO with 25.2
  MMBO of proved, probable and possible (3P) reserves and an additional 81 MMBO
  of unrisked prospective resources. 
- In the Republic of Georgia, Range holds a 40% farm-in interest in onshore
  blocks VIa and VIb, covering approx. 7,000sq.km. Range completed a 410km 2D
  seismic program with independent consultants RPS Energy identifying 68
  potential structures containing an estimated 2 billion barrels of 
undiscovered
  oil-in-place (on a mean 100% basis) with the first (Mukhiani-1) exploration
  well having spudded in July in 2011. The Company is focussing on a revised
  development strategy that will focus on low-cost, shallow appraisal drilling
  of the contingent resources around the Tkibuli-Shaori ("Tkibuli") coal
  deposit, which straddles the central sections of the Company's two blocks. 
- In Puntland, Range holds a 20% working interest in two licenses encompassing
  the highly prospective Dharoor and Nugaal valleys. The operator and 60%
  interest holder, Horn Petroleum Corp. (TSXV:HRN) has completed two 
exploration
  wells and will continue with a further seismic and well program over the next
  12-18 months. 
- Range holds a 25% interest in the initial Smith #1 well and a 20% interest
  in further wells on the North Chapman Ranch project, Texas. The project area
  encompasses approximately 1,680 acres in one of the most prolific oil and gas
  producing trends in the State of Texas. Independently assessed 3P reserves in
  place (on a 100% basis) of 228 Bcf of natural gas, 18 MMbbl of oil and 17
  MMbbl of natural gas liquids. 
- Range holds a 21.75% interest in the East Texas Cotton Valley Prospect in
  Red River County, Texas, USA, where the prospect's project area encompasses
  approximately 1,570 acres encompassing a recent oil discovery. The prospect
  has independently assessed 3P reserves in place (on a 100% basis) of 
3.3mmbbls
  of oil. 
- Range is earning a 65% (option to move to 75%) interest in highly
  prospective licences in the Putumayo Basin in Southern Colombia. The Company
  will undertake a 3D seismic program in the near term as part of its
  exploration commitments on the Company's Colombian interests. 
- Range has taken a strategic stake (19.9%) in Citation Resources Limited
  (ASX: CTR) which holds a 70% interest in Latin American Resources (LAR). LAR
  holds an 80-100% interest in two oil and gas development and exploration
  blocks in Guatemala with Canadian NI 51-101 certified proved plus probable
  (2P) reserves of 2.3 MMBBL (100% basis). Range also holds a 10% interest in
  LAR. 
Table of Reserves and Resources 
Detailed below are the estimated reserves for the Range project portfolio. 
                 Gross Oil      Range's    Net Attributable 
                 Reserves
Project           1P     2P    3P   Interest  1P      2P       3P  Operator 
Oil & NGL
(mmbls) 
Texas - NCR *     16.4   25.2  35.3   20-25%  2.2         3.4  4.8 Western Gulf 
Texas - ETCV       1.0    1.6   3.3      22%  0.2         0.3  0.6 Crest 
Resources 
Trinidad          17.5   20.2  25.2     100% 17.5        20.2 25.2 Range 
Guatemala           **  2.3**    **   21-24%   ** 0.48-0.55**   ** Latin 
American 
                                                               Resources 
Total Oil &       34.9   47.0  63.8          19.9        21.3 28.9
Liquids 
Gas Reserves
(mmcf) 
Texas - NCR *    106.0  162.7   228   20-25% 11.7        18.1 25.4 Western Gulf 
Total Gas        106.0  162.7   228          11.7        18.1 25.4
Reserves 
* Reserves attributable to Range's interest in the North Chapman Ranch asset,
which are net of government and overriding royalties as described in the
Forrest Garb report. 
** The reserves estimate for the Guatemalan Blocks in which LAR (and CTR) have
an interest in is as reported by CTR. CTR has not reported 1P and 3P
estimates, but Range is seeking such information from CTR for future reporting
purposes. 
Detailed below are the estimated resources and oil-in-place delineated across
Range's portfolio of project interests. 
All figures in MMboe  Gross Oil Reserves  Range's    Net Attributable
Project               Low   Best/   High  Interest  Low    Best/   High 
Operator 
                         Mean                           Mean
Prospective Resources 
Trinidad               8.1     40.5  81.0     100%    8.1     40.5 81.0 Range 
Total Prospective      8.1     40.5  81.0             8.1     40.5 81.0
Resources 
Undiscovered 
Oil-In-Place
Puntland               -     16,000   -        20%   -       3,200  -   Horn 
                                                                    
Petroleum
Georgia                -      2,045   -        40%   -         818  -   Strait 
Oil & 
                                                                    Gas 
Colombia               -        7.8   -     65-75%   -   5.1 - 5.8  -   Petro 
Caribbean 
                                                                    
All of the technical information, including information in relation to
reserves and resources that is contained in this document has been reviewed
internally by the Company's technical consultant, Mr Mark Patterson. Mr
Patterson is a geophysicist who is a suitably qualified person with over 25
years' experience in assessing hydrocarbon reserves and has reviewed the
release and consents to the inclusion of the technical information. 
The reserves estimate for the Guatemalan Blocks in which LAR (and CTR) have an
interest in is as reported by CTR. CTR has not reported 1P and 3P estimates,
but Range is seeking such information from CTR for future reporting purposes. 
All of the technical information, including information in relation to
reserves and resources that is contained in this document has been reviewed
internally by the Company's technical consultant, Mr Mark Patterson. Mr
Patterson is a geophysicist who is a suitably qualified person with over 25
years' experience in assessing hydrocarbon reserves and has reviewed the
release and consents to the inclusion of the technical information. 
The reserves estimates for the 3 Trinidad blocks and update reserves estimates
for the North Chapman Ranch Project and East Texas Cotton Valley referred
above have been formulated by Forrest A. Garb & Associates, Inc. (FGA). FGA is
an international petroleum engineering and geologic consulting firm staffed by
experienced engineers and geologists. Collectively FGA staff has more than a
century of worldâ€wide experience. FGA have consented in writing to the
reference to them in this announcement and to the estimates of oil and natural
gas liquids provided. The definitions for oil and gas reserves are in
accordance with SEC Regulation Sâ€X an in accordance with the guidelines of
the Society of Petroleum Engineers ("SPE"). The SPE Reserve definitions can be
found on the SPE website at spe.org. 
RPS Group is an International Petroleum Consulting Firm with offices
worldwide, who specialise in the evaluation of resources, and have consented
to the information with regards to the Company's Georgian interests in the
form and context that they appear. These estimates were formulated in
accordance with the guidelines of the Society of Petroleum Engineers ("SPE"). 
The prospective resource estimates for the two Dharoor Valley prospects are
internal estimates reported by Africa Oil Corp, the operator of the joint
venture, which are based on volumetric and related assessments by Gaffney,
Cline & Associates. 
The TSX certified 51-101 certified reserves with respect to the Guatemalan
project are as reported by ASX listed Company Citation Resources (ASX: CTR). 
In granting its consent to the public disclosure of this press release with
respect to the Company's Trinidad operations, Petrotrin makes no
representation or warranty as to the adequacy or accuracy of its contents and
disclaims any liability that may arise because of reliance on it. 
The Contingent Resource estimate for CBM gas at the Tkibuli project is sourced
from the publically available references to a report by Advanced Resources
International's ("ARI") report in 2009: CMM and CBM development in the
Tkibuli-Shaori Region, Georgia. Advanced Resources International, Inc., 2009.
Prepared for GIG/Saknakhshiri and U.S. Trade and Development Agency. -
.globalmethane.org/documents /toolsres_coal_overview_ch13.pdf. Range's
technical consultants have not yet reviewed the details of ARI's resource
estimate and the reliability of this estimate and its compliance with the SPE
reporting guidelines or other standard is uncertain. Range and its JV partners
will be seeking to confirm this resource estimate, and seek to define
reserves, through its appraisal program and review of historical data during
the next 12 months. 
Reserve information on the Putumayo 1 Well published by Ecopetrol 1987. 
SPE Definitions for Proved, Probable, Possible Reserves and Prospective
Resources 
Proved Reserves are those quantities of petroleum, which by analysis of
geoscience and engineering data, can be estimated with reasonable certainty to
be commercially recoverable, from a given date forward, from known reservoirs
and under defined economic conditions, operating methods, and government
regulations. 
Probable Reserves are those additional Reserves which analysis of geoscience
and engineering data indicate are less likely to be recovered than Proved
Reserves but more certain to be recovered than Possible Reserves. 
Possible Reserves are those additional reserves which analysis of geoscience
and engineering data indicate are less likely to be recoverable than Probable
Reserves. 
1P refers to Proved Reserves, 2P refers to Proved plus Probable Reserves and
3P refers to Proved plus Probable plus Possible Reserves. 
Prospective Resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective Resources have both an
associated chance of discovery and a chance of development. Prospective
Resources are further subdivided in accordance with the level of certainty
associated with recoverable estimates assuming their discovery and development
and may be sub-classified based on project maturity. 
Contingent Resources are those quantities of hydrocarbons which are estimated,
on a given date, to be potentially recoverable from known accumulations, but
which are not currently considered to be commercially recoverable. 
Undiscovered Oil-In-Place is that quantity of oil which is estimated, on a
given date, to be contained in accumulations yet to be discovered. The
estimated potentially recoverable portion of such accumulations is classified
as Prospective Resources, as defined above. 
END 
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